Blog
Read on for accounting tips and info to set your small business up for success.
![Home and Auto Expense Tracker Sheet [Download PDF]](https://susanivanovicscpa.com/wp-content/uploads/2020/04/three-white-ceramic-pots-with-green-leaf-plants-near-open-796602-400x250.jpg)
Home and Auto Expense Tracker Sheet [Download PDF]
Ontario small business owners, this one is for you! Keeping on top of documenting home office expenses and vehicle mileage can be daunting, so I am offering up a handy system I use with my clients. It will help you keep track of your home office expenses and vehicle...
A warm welcome message from Susan Ivanovics CPA
Hello Small Business Owner’s of Southern Ontario, I would like to introduce myself and my business. My name is Susan Ivanovics and I am a CPA, I have been working with small business owner’s in the Hamilton and area for over 20 years and I opened up my CPA practice in...
What to know about Tax Deferrals due to COVID-19
During this health crisis that we are all facing, I am finding that there can be a lot of misinformation circulating around issues facing small businesses. Especially information concerning HST remittances. In effort to streamline some accurate...
Remote service offerings due to COVID-19
Taking into consideration the health and safety concerns surrounding COVID-19, I amoffering my tax services remotely. You do not need to come into my office with tax documents to have your tax returnsprepared and filed on time. We can set-up an initial telephone...
What is new for 2019 Income tax filings
There are a few things to keep up to date that have changed recently that may impact your 2019 income tax filings. Basic Personal Amount has increased for 2019 tax year and will continue to increase in the near future. This means that the amount of income you...
![Important Dates for 2019 Income Tax Filings [Updated]](https://susanivanovicscpa.com/wp-content/uploads/2020/03/black-framed-wayfarer-style-eyeglasses-on-white-surface-917293-400x250.jpg)
Important Dates for 2019 Income Tax Filings [Updated]
It’s officially tax time, so mark your calendars! Below are a few dates to keep in mind. Deadline for filing personal taxes April 30, 2020 WAS the deadline for filing personal taxes. However as a result of COVID-19, a new date of June 1, 2020 has been extended,...
Flipping Houses as a Business
If you are in the business of flipping houses for profit in Ontario, or thinking about getting into it, there are some things to consider from a tax perspective before you venture out. Flipping houses as a business is when a property is purchased, renovated and...
Tax Tip for 2019 – Unused education amounts
If you attended a post secondary institution, paid interest on a student loan or have unclaimed education amounts (including former education and textbook amounts) in the last 5 years you may be eligible for reducing income tax owed. Unclaimed tuition for Federal and...
Accounting and bookkeeping fundamentals (including 2 resources)
As a small business owner you’re faced with having to wear multiple hats at any given time. It’s unreasonable to expect to be experts in every field, anywhere from marketing to accounting, not to mention maintain your core product or business. As a result,...
Business plan template and when to review it
Whether you have a business plan or have not completed one before, I am re-sharing a business plan template from the Hamilton Small Business Enterprise Centre as a great resource that all small business owners can benefit from. If you have never done a business plan...
Year-End Expense Tracking | Free Templates
As we approach the end of another tax year, the last thing on small business owners mind is preparing and organizing accounting information. A very important piece of advice is to not leave it to the last minute. Often gathering information hurriedly before tax time...
Home buyers plan and taxes
How does the home buyers plan work? Thinking about buying your first home? If you have contributed to a Registered Retirement Savings Plan (and have not accessed funds previously), you are eligible for the Home Buyers Plan which enables you to borrow from the RRSP to...
Should I get an HST number
One of the decisions a small business owner will have to make is when, or if, they should get an HST number (a unique tax identification business number). If you do not have an HST number you cannot charge HST. The same is for vendors that you deal with, if they do...
Expenses You Can Deduct
Own a rental property? Here’s your list of expenses you can and cannot deduct When you own a rental property, current expenses, or those “recurring expenses that provide a short-term benefit”, can be deducted from your gross rental income in the year you incur them....
5 Most Commonly Asked Questions about HST
Some of the most frequently asked questions I receive are about HST (harmonized sales tax). From the perspective of a small business owner, the rules and regulations around HST can sometimes be unclear and frustrating. So, I have rounded up the top 5 most...
Regular method of HST Reporting
Here is a question that almost every small business owner asks, especially when first starting their business. “How do I file my HST?” “Can you do it for me?” Or, “Is it easy, can I do it on my own?” Here I share a detailed explanation on the regular...
Quick Method or Regular Method of HST Reporting: How to choose the best method for your business
As a Small Business Accountant in Hamilton, HST is one of those issues that can confuse new and seasoned business owners. HST is a complex tax and the technical language surrounding HST can be overwhelming. Some business owners scramble when they can not find all of...
What you can claim on your taxes
Current Expenses You Can Deduct When you own a rental property, current expenses, or those “recurring expenses that provide a short-term benefit”, are the ones that you can deduct from your gross rental income in the year you incur them; because they provide a short...
What is the TFSA limit in 2018?
A tax free savings account (TFSA) is a great place to shelter your savings. Here are a few personal tax tips on TFSA contributions and rules around withdrawing. Make TFSA Contributions The TFSA dollar limit for 2018 is $5,500 there is no deadline for making a TFSA...
Capital Gains and Selling Your Home
If you have sold your home recently or are thinking of selling it, you’ll be happy to know that selling your home normally won’t have any effect on your income tax at all. Generally, you don’t have to pay any tax on your profits from the sale of your principal...